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Wgtn company missing $440m

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Wgtn company missing $440m

By: Laura Heathcote | Business News | Friday November 16 2012 7:33

 

$440 million of assets have gone missing at Ross Asset Management.

Receivers of the embattled company say the Wellington fund manager appears to have "characteristics of a Ponzi scheme".

Only $10 million of what was supposed to be almost $450 million of investments have been found.

A group representing about 80 percent of those investors has issued a statement saying they can't be sure how serious the problem is and they're hopeful further investigations will uncover more assets.

PricewaterhouseCoopers has identified a further three entities within the Ross Group which they recommend should be considered part of the receivership.

Photo: NZ Herald

 

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